2024 Q4 Form 10-Q Financial Statement

#000178730624000153 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $44.76M $13.53M
YoY Change 17.44% 356.81%
Cost Of Revenue $5.503M $2.246M
YoY Change 366.36% 363.09%
Gross Profit $39.25M $11.28M
YoY Change 6.29% 355.57%
Gross Profit Margin 87.7% 83.39%
Selling, General & Admin $58.82M $48.67M
YoY Change 23.58% 31.47%
% of Gross Profit 149.84% 431.51%
Research & Development $19.50M $23.78M
YoY Change -25.67% -29.82%
% of Gross Profit 49.68% 210.77%
Depreciation & Amortization $1.432M $385.0K
YoY Change 616.0% 10.95%
% of Gross Profit 3.65% 3.41%
Operating Expenses $78.32M $72.45M
YoY Change 4.41% 2.18%
Operating Profit -$39.07M -$61.17M
YoY Change 5.86% -10.6%
Interest Expense -$6.653M -$7.762M
YoY Change -188.01% 12.25%
% of Operating Profit
Other Income/Expense, Net $4.182M $2.672M
YoY Change 53.69% -19.52%
Pretax Income -$41.54M -$66.26M
YoY Change -0.49% -8.0%
Income Tax $0.00 $25.00K
% Of Pretax Income
Net Earnings -$41.54M -$66.28M
YoY Change -7.21% -7.96%
Net Earnings / Revenue -92.81% -490.05%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$0.33 -$0.71
COMMON SHARES
Basic Shares Outstanding 117.0M shares 116.9M shares 94.38M shares
Diluted Shares Outstanding 124.3M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $330.6M $271.9M
YoY Change 45.55% -33.63%
Cash & Equivalents $134.9M $88.40M
Short-Term Investments $195.7M $183.5M
Other Short-Term Assets $19.03M $19.63M
YoY Change -9.83% 65.72%
Inventory $14.02M $13.13M
Prepaid Expenses
Receivables $60.12M $25.81M
Other Receivables $0.00 $0.00
Total Short-Term Assets $423.7M $330.4M
YoY Change 50.5% -24.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.186M $1.539M
YoY Change -31.64% -18.18%
Goodwill
YoY Change
Intangibles $9.792M $6.438M
YoY Change 47.8% -10.43%
Long-Term Investments
YoY Change
Other Assets $596.0K $596.0K
YoY Change 0.0% 664.1%
Total Long-Term Assets $13.63M $10.93M
YoY Change 19.48% -7.87%
TOTAL ASSETS
Total Short-Term Assets $423.7M $330.4M
Total Long-Term Assets $13.63M $10.93M
Total Assets $437.4M $341.4M
YoY Change 49.29% -24.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.33M $11.99M
YoY Change 46.63% 35.86%
Accrued Expenses $52.79M $33.94M
YoY Change 88.57% 19.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $99.51M $0.00
YoY Change
Total Short-Term Liabilities $172.4M $46.67M
YoY Change 311.63% 23.44%
LONG-TERM LIABILITIES
Long-Term Debt $105.1M $201.8M
YoY Change -47.66% 2.04%
Other Long-Term Liabilities $420.0K $849.0K
YoY Change -88.33%
Total Long-Term Liabilities $105.5M $202.6M
YoY Change -47.45% 2.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $172.4M $46.67M
Total Long-Term Liabilities $105.5M $202.6M
Total Liabilities $280.7M $252.7M
YoY Change 14.0% 5.43%
SHAREHOLDERS EQUITY
Retained Earnings -$1.111B -$981.9M
YoY Change 21.36% 36.41%
Common Stock $12.00K $9.000K
YoY Change 100.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.6M $88.67M
YoY Change
Total Liabilities & Shareholders Equity $437.4M $341.4M
YoY Change 49.29% -24.02%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income -$41.54M -$66.28M
YoY Change -7.21% -7.96%
Depreciation, Depletion And Amortization $1.432M $385.0K
YoY Change 616.0% 10.95%
Cash From Operating Activities -$34.69M -$56.24M
YoY Change -21.13% -20.86%
INVESTING ACTIVITIES
Capital Expenditures $143.0K $6.000K
YoY Change 138.33% -95.12%
Acquisitions
YoY Change
Other Investing Activities $84.92M -$62.18M
YoY Change 86.19% -246.91%
Cash From Investing Activities $84.78M -$62.19M
YoY Change 86.12% -247.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 394.0K 99.29M
YoY Change -54.19% 10221.1%
NET CHANGE
Cash From Operating Activities -34.69M -56.24M
Cash From Investing Activities 84.78M -62.19M
Cash From Financing Activities 394.0K 99.29M
Net Change In Cash 50.48M -19.14M
YoY Change 1977.49% -31.4%
FREE CASH FLOW
Cash From Operating Activities -$34.69M -$56.24M
Capital Expenditures $143.0K $6.000K
Free Cash Flow -$34.83M -$56.25M
YoY Change -20.91% -20.98%

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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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arqt Milestone Payment For Intangible Asset Incurred But Not Yet Paid
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us-gaap Interest Paid Capitalized
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us-gaap Interest Paid Capitalized
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CY2024Q3 arqt Cash Cash Equivalents And Marketable Securities
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CY2023Q4 arqt Cash Cash Equivalents And Marketable Securities
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<div style="margin-top:8pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:8pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates such estimates and assumptions for continued reasonableness. In particular, management makes estimates with respect to revenue recognition, accruals for research and development activities, the fair value of derivative liabilities, stock-based compensation expense, and income taxes. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Actual results could differ from those estimates.</span></div>
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top:8pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Other Risks and Uncertainties</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of a default by either the financial institutions holding its cash or by its customers owing trade receivables to the extent recorded on the condensed consolidated</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span>balance sheets. To manage accounts receivable credit risk, the Company evaluates the creditworthiness of its customers and the need for an allowance for potential credit losses.
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2023Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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CY2024Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1435000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3677916 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.18
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
307919 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5346477 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
22.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
308725 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
24.44
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5634494 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y14D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
23561000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2120880 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.16
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y1M20D
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8715000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1700000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1200000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3100000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
22100000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.76
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10241000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9999000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32337000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30056000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1700000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12238260 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11229576 shares
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001787306-24-000153-index-headers.html Edgar Link pending
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0001787306-24-000153.txt Edgar Link pending
0001787306-24-000153-xbrl.zip Edgar Link pending
arqt-20240930.htm Edgar Link pending
arqt-20240930.xsd Edgar Link pending
exhibit311ceoq32024.htm Edgar Link pending
exhibit312cfoq32024.htm Edgar Link pending
exhibit321ceocfoq32024.htm Edgar Link pending
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arqt-20240930_lab.xml Edgar Link unprocessable
arqt-20240930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
arqt-20240930_htm.xml Edgar Link completed
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arqt-20240930_cal.xml Edgar Link unprocessable